Re: How to handle High utilization???

I'm in agreement with paying off the balances with the highest interest rates. Is it possible to pay off the cards with the highest balances, and still pay some to the other cards to get the balances below "maxed out", even if just below that level?

Re: How to handle High utilization???

From everything I have read on here, it does make more sense financially to pay off the highest interest cards first.

However, if utilization is the issue here, wouldn't it make more sense to get as many as you can below at least 50% and then target the highest interest first to finish them off. FICO scores don't care about the interest rate, only the amounts carried.

I was recently denied credit because "too many cards with limits too close to the maximum." and this in turn hurts my score.

Re: How to handle High utilization???

I'm currently in the same situation...I was holding at 29% UTI for a while (still not great), but it was creeping up after using some cards for our vacation last month. I decided to pay less on several cards rather than more on just a few, because I thought it would be better for my score. (However, I did pay off a couple small balances.) Anyway, I've yet to see the impact on my score since they haven't all reported yet, but already I wish I had just paid off a couple big ones - this way was not satisfying at all. So score-wise, yeah it's probably better to get them all about 50%. But I think it's more personally satisfying to pay off one at a time.

If you do a little at a time, I think you're more likely to keep using the card. If you pay off a card completely, it's harder to start using it again because the $0 balance looks so nice.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation.
Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies.
Many factors affect your FICO Scores and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating.
FTC's website on credit.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.